Chudik, Alexander; Pesaran, M. Hashem; Smith, Ron P. - 2022
stylized facts, whereas Klein and Kosobud labelled them great ratios. While such ratios are widely adopted in theoretical …-way causality between the variables in the ratios, and cross-country error dependence due to latent factors. We propose a new system … one and half centuries and seventeen countries, we find support for five out of the seven great ratios that we consider …